Sydney

Education space is on the increase in the Parramatta leasing market​​

Local and international students are looking for more affordable accommodation in Sydney’s fringe markets, close to education facilities

SYDNEY, 29 November, 2013 – Recent and upcoming leases to education providers in the Parramatta market highlights both training and student accommodation space in the area is in demand.

According to Jones Lang LaSalle’s Director of Leasing – Parramatta William Tong, Parramatta is a prime space for education facilities given the younger, student-focused demographic of the area.

“Parramatta is in the centre of Sydney and is close to all the essential facilities, including transport and retail centres. This, in addition to the affordable rent and younger demographic of the area, makes it an ideal location for education facilities.”

Mr Tong said education providers are seeking the area despite the lack of available space in Parramatta. “Typically the education providers are seeking between 800-2,000sqm which provides them with the efficiency they need to recruit the appropriate amount of students. The more space they take, the more students they can recruit.

“Recent leases include the University of Western Sydney, who took 2,600 sqm; Evocca College with 1,300 sqm; Careers Australia with 1,200 sqm; Aspire College with 700 sqm and International Health Careers with 880 sqm.

“There are an additional four colleges seeking a total of 6,000sqm currently in the market,” said Mr Tong.

According to Jones Lang LaSalle’s Director of Student Accommodation Services Conal Newland, it makes sense that student accommodation providers are expanding into areas such as Parramatta.

“Students seeking more affordable accommodation are looking in areas outside Sydney’s CBD, such as Parramatta and Chatswood, which are close to learning facilities but still highly accessible via public transport to the central city.”

The latest Student Accommodation facility in Sydney’s fringe is Iglu Chatswood, which is set to open prior to commencement of the first Semester in 2014. It’s situated immediately adjacent to the Chatswood train station with easy access to the Macquarie University campus and to education facilities in the CBD.

“Iglu in Chatswood will be the first Institutional-grade purpose-built accommodation outside of the CBD, giving students the opportunity to live in well-managed, high-quality accommodation, taking advantage of the good transport linkages and extensive amenities in the area.

“A room in a five-bedroom apartment in Iglu Central – around the corner from Central Station in Sydney’s CBD – will be priced at AUD$399 in 2014. A room in a five-bedroom apartment at Iglu Chatswood will be AUD$339 per week. That’s a 15% difference. Both international and local students seeking more affordable options are looking towards fringe markets for their accommodation,” concluded Mr Newland.